BVI-incorporated company Aura Minerals Inc. announced that its wholly-owned subsidiary, Aranzazu Holding S.A. de C.V., has completed a competitive bidding process for a new offtake agreement with Trafigura México, S.A. de C.V., pursuant to which Trafigura has agreed to purchase 100% of the copper and gold concentrate produced at Aranzazu during the term of the New Agreement.
The New Agreement is effective as of the beginning of 2022 and until the end of 2024. The current offtake agreement in place with IXM Metals will remain in force until the end of 2021.
As a result of a strong competitive process and improved market conditions for copper, Aura expects Aranzazu to achieve material savings under the New Agreement, improving gross margins by 4 percentage points compared to the terms of the Existing Agreement.
